Prospect Y = ($10, 0.25 ; $13, 0.75) If Will's utility of wealth function is given by u(x)=x0.25, what is the value of EU(Y) for Will

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Chapter1: Making Economics Decisions
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Prospect Y = ($10, 0.25 ; $13, 0.75)

If Will's utility of wealth function is given by u(x)=x0.25, what is the value of EU(Y) for Will? (In other words, what Expected Utility does Will receive from prospect Y?)

(Note: The answer may not be a whole number; please round to the nearest hundredth)

(Note: The numbers may change between questions, so read carefully)

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